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Stock market faces the heat in June

2008-07-01 15:49:38 (GMT) (Caymanmama.com - Business News)



Omaha, Nebraska (CaymanMama.com) — On Monday, the stocks kept struggling and turned into a nightmare. The Dow industries and S and P 500 had the worst day in June since the Great Depression and the spiraling price rise of fuel and food aggravated the financial trouble.

The industrial average of Dow Jones gathered a few points likewise Standard and Poor 500 (SPX) gained an index of 0.1%. However, NASDAQ composite (Comp) lost an index of 1%. Last week saw a decline in the stocks due to a record increase in the oil price along with the poor dollar position which added to the financial chaos. Considering the sell off of the last week, Monday’s trade was comparatively better than what was expected as the sell off of previous week sent Dow 20% down since its high in October. Even NASDAQ saw a low of 24% ever since it’s high from October.

It seems that Monday is the end of a rough time for Wall Street. It is also an end to the volatile market that leads to numerous ups and down in the stock exchange market. According to Greg Church from Church Capital, “It’s been a terrible June, something like the worst since the Great Depression.” In June, S and P lost 10.2% and that was the worst performance ever since September 2002 while tumbling down to 12.4%. This led to the worst performance in June since 1930. On the other hand NASDAQ saw a fall of 9.1% that was its worst performance ever since January while losing 9.9%. During the second quarter, Dow saw a loss of 7.4% while S and P 500 saw a loss of 3.2% while NASDAQ gained 0.6%.

However, Church said that July does not seem to be any better ass there has been an increase in fuel prices and the financial sector is still a cause for great concern to the investors.



aqhz91 · Filed Under Business 

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